Applying for a Spouse visa mortgage
More and more people are realizing that migrating to other countries is a promising opportunity. One of the countries that warmly welcome or accept immigrants is Australia. Couples where one is an Australian citizen or permanent resident and the other is on a Spouse visa often would like to purchase a home together and require a home loan. However, some have a hard time applying for or obtaining a mortgage for their home purchase.
Here are some tips and guides on how to apply for a spouse visa mortgage so you can start living in your dream house.
Can I get a mortgage approval even though I only have a temporary residence spouse visa?
Yes, you are qualified to apply for an Australian mortgage with your spouse if you are on a temporary residence spouse visa. You should have a sustainable income source and has a good relationship with your partner.
What are the steps needed I need to follow to apply for a spouse visa mortgage?
The steps to obtaining a spouse visa mortgage are:
First, you need to save at least a 5% deposit of the property price.
Second, you need to look for the bank that can offer you an affordable home loan for your property purchase. A mortgage broker from Oak Laurel can assist you to find a home loan that suits your needs.
Third, a mortgage broker from Oak Laure will help you apply to the selected bank for a home loan of up to 95% of the home value (95% LVR).
What are the conditions needed for us to be able to qualify for a spouse visa home loan?
- You have a steady and great employment record. – Having a stable job with a good income is an advantage when applying for a spouse visa home loan.
- You have a clean credit history record. – No credit rating defaults and bankruptcies.
- You need to have favorable asset situation. – Your acquired investments can also provide a good impression to lenders. Keep in mind that lenders will check every asset you have and you must be sufficient in handling those assets.
- Your relationship with your partner must be genuine and unending. – Lenders usually check how long have you been together or married. They can reject your application if they have seen that you and your partner were separated in a period of time.
- Spouse visa holders in a same sex relationship are eligible.
- The spouse visa holder shouldn’t buy independently – You are required to buy alongside with your wife / husband with an Australian visa and natural citizen.
Can I still apply for a mortgage even though my spouse visa is probationary?
Lenders usually have a strict policy when it comes to people with a temporary spouse visa if the status of their permanent visa is not yet been granted. This is because, there is still a possibility that their application for permanent visa will not be approved. If this happens, and they permanently depart Australia, they may not be accountable to repay the home loan. Basically, it’s one of the higher risk situations why lenders don’t approve an application for a home loan.
What type of spouse visas are accepted?
- Partner Visa (Temporary and Permanent) (Subclass 309/100)
- Partner Visa (Temporary and Permanent) (Subclass 820/801)
- Other visa types — Spouses that are currently using other temporary visa are also suitable.
Most banks consider these spousal visas or de facto relationship to an Australian citizen.
If my fiancé and I are not married, can we still get a home loan?
Getting a home loan together will depend on the status of your visa. It could be possible if the visa is a Prospective Marriage Visa or Subclass 300 and it’s being sponsored by an Australian citizen. However, you do not have a partner visa, it is advisable that your partner borrows exclusively in their own name.
Am I qualified for government funded First Home Owner Grant?
Australian government sometimes provide incentive to its citizens with permanent residence to purchase their first home. If you are planning to buy with your spouse or de facto partner, the government may consider you under the first home buyer scheme.
Do I need an approval from the Foreign Investment Review Board (FIRB) to buy property in Australia?
If the property is purchased as “joint tenants” along with an Australian citizen then approval from FIRB is not required.
How will the bank assess our relationship?
Having a temporary spouse visa is truly not a problem for most banks. As long as the duration of your relationship is reasonable and you will likely to stay together indefinitely. Lenders will also consider the relationship stable if they had children together. Normally, guidelines for lending will apply.
Also, if they had been together for a longer period of time or if they had children together then lenders would see this as a stable relationship and normal lending criteria would apply.
Do you charge for your service?
No, for most home loans, including spouse visa home loans, our services are free. We are paid by the banks for introducing loans to them. Your loan will not be more expensive because you use our service. Rather, because we know the different banks and their policies, we can often find you a better loan!
I think that I meet all of the requirements for a spouse visa home loan, lets get started.
Contact us and a mortgage broker will get back to you to get the application started.